... of China Limited's (ABC) Long-Term Issuer Default Rating (IDR) is driven by Fitch Ratings' assessment of a 'Very High' likelihood of government support, as indicated by its Government Support Rating (GSR). This is based on the state's majority stake in ABC, the bank's long history of receiving state support, and its high systemic importance. Stable Operating Environment: We expect China's GDP growth to slow modestly to 4.6% in 2024 but for firmer policy support to curb downside risks to economic growth. That said, lingering domestic challenges ¡ particularly around the property sector ¡ are likely to continue to limit bank performance. The operating environment (OE) score of 'bbb-'/stable is above the 'bb' category implied score, as we believe China's strong external finances and economic size ¡ incorporated in the Chinese sovereign rating (A+/Stable) ¡ will provide greater financial and economic stability than the implied OE score indicates....
